Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Summary of Significant Accounting Policies |
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| Schedule of segment reporting |
| | | | | | | Year Ended | | December 31, | | 2025 | | 2024 | | | | | Segment operating expenses: | | | | | | Compensation and benefits | $ | 10,431 | | $ | 9,153 | Professional and legal fees | | 3,868 | | | 6,233 | Office and travel | | 1,017 | | | 1,533 | Research and development | | 986 | | | 10,905 | Total selling, general and administrative, and research and development | | 16,302 | | | 27,824 | Change in fair value of contingent consideration | | (3,499) | | | (100,809) | Total operating costs and expenses | | 12,803 | | | (72,985) | (Loss) income from operations | | (12,803) | | | 72,985 | Other segment items: | | | | | | Change in fair value of convertible notes | | (22,911) | | | 3,311 | Change in fair value of warrants | | 84,934 | | | (14,719) | Loss on issuance of warrants | | (75,644) | | | — | Loss on embedded forward purchase agreements | | — | | | (19,667) | Loss on derivative liability | | (13,088) | | | — | Other income, net | | 290 | | | 95 | Total other segment items, net | | (26,419) | | | (30,980) | (Loss) income before taxes | | (39,222) | | | 42,005 | Income taxes | | — | | | — | Segment net (loss) income | $ | (39,222) | | $ | 42,005 |
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| Schedule of property and equipment, net |
Property and equipment, net, as of December 31, 2025 and 2024 are as follows (in thousands): | | | | | | | | | | | December 31, | | | December 31, | | | | 2025 | | | 2024 | | Furniture and fixtures | | $ | 199 | | | $ | 199 | | Equipment | | | 241 | | | | 237 | | Leasehold improvements | | | 66 | | | | 66 | | Property and equipment | | | 506 | | | | 502 | | Accumulated depreciation | | | (344) | | | | (267) | | Property and equipment, net | | $ | 162 | | | $ | 235 | |
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| Schedule of other accrued expenses |
Other accrued expenses were as follows (in thousands): | | | | | | | | | | | | December 31, | | | | December 31, | | | | | 2025 | | | | 2024 | | Legal expenses | | $ | 244 | | | $ | 2,455 | | Excise tax liability | | | 569 | | | | 569 | | Operating lease liability - short term portion | | | 252 | | | | 121 | | Daewoong vial usage | | | 228 | | | | — | | Remaining other accrued expenses | | | 364 | | | | 455 | | Total other accrued expenses | | $ | 1,657 | | | $ | 3,600 | |
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| Schedule of basic and diluted net (loss) income per share |
Basic and diluted net loss per share for the year ended December 31, 2025 was calculated as follows (in thousands, except share and per share amounts): | | | | Year ended December 31, 2025 | | | | Net loss | | $ | (39,222) | Weighted average shares of common stock outstanding, basic and diluted | | | 9,921,587 | Net loss per share, basic and diluted | | $ | (3.95) |
Basic and diluted net income per share for the year ended December 31, 2024 were calculated as follows (in thousands, except share and per share amounts): | | | | Year ended December 31, 2024 | | | | Net income | | $ | 42,005 | Weighted average shares of common stock outstanding, basic | | | 540,360 | Net income per share, basic | | | 77.74 | Weighted average shares of common stock outstanding, diluted | | | 575,945 | Net income per share, diluted | | $ | 72.93 |
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| Schedule of potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an anti-dilutive impact |
| | | | | | | Year Ended | | | December 31, | | | 2025 | | 2024 | Warrants | | 3,807,911 | | 55,403 | Common stock options and restricted stock units | | 853,712 | | 88,999 | Convertible notes | | 23,155,011 | | 399,128 | | | 27,816,634 | | 543,530 |
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